New York Ranks Third in the Nation for SMB Cyber Insurance Adoption
New Research from CyberPolicy Reveals Key Trends in Cyber Insurance Sales
CyberPolicy, the world’s first marketplace to help small and medium-sized businesses (SMBs) compare, quote, and buy cyber insurance online in minutes, today released new cyber insurance trend findings. Based on its national cyber insurance sales data, CyberPolicy found that along with Texas, New York ranks third in the nation for SMB cyber insurance adoption. The highest annual premium in the state totaled more than $31,799, while the lowest annual premium was $251.
SMBs face substantial cyber risk, largely due to their limited resources and lack of employee training. Worse, their threat level is rising dramatically, with 67 percent of SMBs experiencing a cyber attack and 58 percent experiencing a data breach in just the past 12 months, according to the Ponemon Institute. While historically many SMBs assumed attackers target only large enterprises, today the demographic is waking up to the reality of their threat level. In conjunction with adhering to cybersecurity best practices and implementing various cyber protection tools, SMBs are prioritizing cyber insurance as a key defense tactic.
According to CyberPolicy’s research, New York-based software development companies are leading the pack in prioritizing cyber insurance as an integral part of their cyber defense strategies. New York-based SMBs not in the technology sector are also actively purchasing cyber insurance, including the following industries (in order of most sales):
- Financial Services
- Business Management
Additionally, CyberPolicy found that the largest SMB purchasing cyber insurance in New York has 61 employees, while the smallest has just one employee. With cyber insurance increasingly becoming mandatory for SMBs that wish to conduct business with larger enterprises, it’s unsurprising that the majority of New York SMBs initiated their search for cyber insurance due to a contract requirement. Testament to SMBs’ improved cybersecurity hygiene, the majority of New York purchasers also indicated they back up their critical business systems, data and personally identifiable information at least once a week.
“Collective cyber insurance market growth is encouraging, especially given ever-rising threat levels and seemingly constant breaches,” said Keith Moore, founder and CEO of CyberPolicy. “New York is demonstrating great progress in prioritizing a proactive cyber defense, with local SMBs — even those not in the region’s active technology sector — purchasing cyber insurance at a rapid rate. We’re committed to helping SMBs of all sizes, industries and locations acquire the cyber protection they need so they can focus on what’s most important: securely growing their business.”
Expanding on these regional cyber insurance trends, CyberPolicy will be releasing additional data in the coming months that outlines key cybersecurity trends for SMBs nationwide. For more information on this upcoming report, please visit https://cyberpolicy.com.
In 2016, CyberPolicy became the world’s first marketplace to help small businesses compare, quote, and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its cyber insurance offerings to cover 98 percent of small business types with up to $250 million in revenue and in 2019, it launched CyberPolicy Genesis, a one-click cyber insurance product available via trusted brands. CyberPolicy partners with market leaders including Chubb, Hiscox, and others to develop extensive bundled cybersecurity offerings to help small businesses “Plan. Prevent. Insure.” against cyberattacks. CyberPolicy is a wholly-owned subsidiary of CoverHound Inc.